Comptronix Corporation Case Study

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A439: Advanced Auditing
Accounting and Review Services Take Home Quiz
February 6, 2008
Instructions:
1. On the Scantrom form in box labeled “Test No.” print “Review Services.”
2. Use the Scantron form to indicate your answers to the questions below.
3. Turn-in the Scantron sheet on the due date.
4. Open book, open note, online searches are all allowed.
5. NOT allowed – using other students, people or CPA exam review books.

Suggestion: If you plan to take the Auditing portion of the CPA Exam “soon,” take 10 –
15 minutes to review your notes and text, and then take the quiz without notes, etc.
After that if you want to do research and change answers do so, but keep track of the original answers so you can assess your knowledge
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Typed client-prepared financial statements, without modification, as an accommodation to the client.
b. Provided a client with a financial statement format that does not include dollar amounts to be used by the client in preparing financial statements.
c. Proposed correcting journal entries to be recorded by the client that change client-prepared financial statements.
d. Prepared, through the use of computer software, financial statements to be used by third parties.
8. When an accountant performs more than one level of service (for example, a compilation and a review, or a compilation and an audit) concerning the financial statements of a nonpublic entity, the accountant ordinarily should issue the report that is appropriate for
a. The lowest level of service rendered.
b. The highest level of service rendered.
c. A compilation engagement.
d. A review engagement.
9. An accountant should not submit unaudited financial statements to the management of a nonpublic company unless, at a minimum, the accountant
a. Assists in adjusting the books of account and preparing the trial balance.
b. Types or reproduces the financial statements.
c. Complies with the standards applicable to compilation engagements.
d. Applies analytical procedures to the financial statements.
10. When engaged to compile the financial statements of a nonpublic entity, an accountant is required to possess a level of knowledge of the entity’s accounting

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